Things You Need to Know About Cash Advance Centers
This is why cash advance centers or payday loan stores are still open for business. Even though they have been outnumbered by online loan companies, many cash advance centers are still providing business for borrowers.
Payday stores and cash advance centers are local establishments with primary services in payday loans, cash advances, paychecks, or credit checks. They can be found in almost all locations, depending on the legal status of payday loans in particular areas. The business operating hours are also extended which gives them more flexibility than banks.
The loans that are given to customers are meant to be used just for a short-term basis. The repayment period is similar to online cash advance loans, which is normally settled on the next payday.
Cash Advance Centers Requirements
To qualify for a cash advance or payday loan, the requirements when applying at payday loan centers are minimal. When you visit cash advance centers, you will need at least two valid Ids, such as passport, driver’s license, company ID, or other proof of identity. Along with this, you will also have to bring your pay stubs as proof of income. You will often also be required to bring a bank statement or checkbook to validate a bank account. As soon as the loan officers receive all these documents, they can immediately process your loan application.
Cash Advance Centers Advantages
One advantage of doing business with cash advance centers is that they have people who can readily explain the loan, the borrower’s options, the fees, and the penalties. All these things can be immediately explained and all questions can be answered upfront.
Generally, all interest rates or fees are based on the length and amount of the loan, and the amount loaned will come with corresponding interest rates and fees. By knowing how much you want and for how long, you can then fill out the loan application form, which only pertains to personal information including your bank information details.
There are certain cash advance centers that do not give importance to the credit score or rating of the borrower. Upon applying for cash advance centers that do not undergo credit checks, you will be required to submit a post-dated check for your loan payment. Once the application has been processed, it may only take a few hours to have your approved loan deposited into your account or given to you in cash.
How to Find Cash Advance Centers
You can find cash advance centers just about anywhere. There are plenty of payday cash advance loan stores in just about any city or state, so it will not be too difficult for you to find one. If you want to be sure and safe about it, you can check a government list or with the Better Business Bureau to look for a legitimate or legal payday advance store, and use the Internet to find cash advance centers nearest you.
With Better Business Bureau, you can also check out if the center or store has a good reputation or unsatisfied clients. Make sure to read the reviews carefully and assess whether there are more satisfied customers than dissatisfied ones or vice versa. Based on the reputation and credibility that the company has built with its clients, you will then be better able to make a final decision about which company to work with.
Cash Advance Centers Loan Agreements
All cash advance centers will provide a borrower loan agreement, and once a borrower’s loan application is approved, they will be given a loan agreement to sign. Before signing, make sure that you understand everything that is written in the legal document because this is a binding agreement between you and the lender. If some things are not clear to you, highlight the items and ask the loan representative to further explain it. If you are not satisfied with their explanation or if you want to make sure that it is the right legal explanation, then call a lawyer and ask for their legal advice or opinion.
Signing without thinking is dangerous especially for you. Signing the contract or cash advance agreement means that you have completely understood everything, and you are expected to fulfill your obligations indicated in the paper. Any failure to in doing so can result in unwanted consequences, such as more debt.
Cash advance centers have their own advantages and disadvantages when compared to online cash advance providers. One can gain benefit from it the same way that you gain benefit from online payday loan companies, and you can get your fast cash within the same business day as long as you satisfy all the basic requirements. Essentially, the requirements are also simple and processing is just as fast and easy. However, whether you are working with a brick and mortar company or one found online, always look for a legitimate cash advance center through a government list and avoid the hassle of being scammed and dealing with fraud transactions.